Uralungal banks on its history in bad times

Kozhikode: The  Uralungal Labour Contract Cooperative Society banks  on its chequered 100-year history to tide over the crisis created by demonetisation. The iconic company  keeps up the morale of its 4,000 employees  by sharing with them the experiences of its worst  days when it survived with the cooperation of the  workers who went without wages for months together.    The  ULCCS,  one of the largest cooperative ventures in the country and one of the leading players in the construction sector,  requires  Rs 25 lakh daily to settle the wages ofthe workers and meet other basic  expenses. 

The funds of the company, which  has undertaken  major government construction works, have been held up in banks for the last two weeks.   Mr Ramesh Paleri,  ULCCS president,  told DC, “shortage of money or its unavailability is not new to ULCCS.  Since  its formation,  the PWD has made us wait for approving the bill or settling the amount for long. At that time employees had to struggle without salary but due to their commitment to  the society, they faced the hardships boldly.  We share these experiences with them  and  allay their worries,”  he  said. At present, the company utilises the money that can be withdrawn from its  accounts in various banks, but it is limited.